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(Bloomberg) — The next “5 to 10 winters will be tough,” Belgian Prime Minister Alexander De Croo warned Monday as electricity in Europe hit new records.
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“The evolution of the scenario is very complicated in Europe,” De Croo told reporters. “Some sectors face serious problems with high energy prices. “
His comments come as vegetable fuel prices in Europe have soared to about 15 times the average summer price and electricity has soared amid the risk of additional supply cuts in Russia.
The biggest threat from the continuing consequences of the war in Ukraine is the option for European solidarity to simply collapse, a Belgian official said, adding that such end results may undermine energy markets and undermine efforts to weather neutrality until 2050.
Benchmark fuel futures rose 21 percent, while German electric power jumped to more than 700 euros ($698. 21) per megawatt hour for the first time, as the main Nord Stream pipeline is expected to close for three days of major maintenance on Aug. 31. again raising considerations that the link will return to service as planned.
De Croo said Belgium can get through the crisis “if we stand up to each other in those difficult times. “
Read more: Germany hits record 700 euros as fuel fears rise
(Updates with confirmation of comments, context in the paragraph of the moment)
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